DMG & Partners has raised its target price for Singapore-listed Sino Grandness Food Industry to $0.50 (US$0.37) from $0.40 and maintained its “buy” rating.

Sino Grandness produces canned food and juices.

DMG has raised its earnings per share forecast by 8% to 8.4 cents after the firm reported better-than-expected revenue and gross margin for its beverage business in the first half of the year.

The broker expects Sino Grandness’s balance sheet strength to improve in the second half of the year, as overseas shipments are seasonally stronger during the period.

Shares of Sino Grandness rose 1.5% to $0.34 at 10:30 a.m., but have fallen 29% so far this year.